Following last week's spin–off from parent company American Express, Ameriprise Financial has started trading its shares on the New York Stock Exchange.
Ameriprise Financial Inc, a provider of brokerage, asset management and insurance services, started trading shares at a value of $35.30 on Monday October 3 following the completion of its spin out from payment card services parent American Express on the previous Friday.
Ameriprise, formerly known as American Express Financial Corporation, was set up as an independent entity by American Express through the distribution of a special tax-free dividend to its shareholders. The distribution consisted of approximately 246 million shares of common stock of Ameriprise at a ratio of one share of Ameriprise common stock for every five shares of American Express common stock.
As a result of the distribution, American Express no longer owns shares of Ameriprise, making the financial services outfit an independent company. Ameriprise is now trading on the New York Stock Exchange under the symbol ‘AMP’, while also being a member of the S&P 500 Index.